Advances in electronic security solutions are driving the adoption of next-generation tools to keep malicious individuals away from sensitive and valuable property in homes and businesses. These technological improvements are increasing the accuracy, speed of deployment and ease of use of these appliances, making them more appealing to a wider range of organizations and industries.
A new report by the Freedonia Group revealed that the U.S. market for security solutions is forecast to expand at a compound annual growth rate of more than 7 percent through 2016, at which point it is estimated to generate roughly $21 billion in revenue.
Despite the ongoing trend of falling crime rates around the country, the increasing media coverage of the events that do take place is driving the adoption of advanced solutions meant to keep criminals at bay, the report said. Furthermore, many people feel local law enforcement authorities are overburdened, leading more enterprise decision-makers to implement supplementary security offerings.
Certain technologies are garnering more attention
While overall physical security is experiencing greater adoption levels, access control in particular is forecast to be adopted at a faster rate. The Freedonia Group said the market for electronic access control systems is estimated to grow 11 percent annually through 2016.
Although access control has always been popular in the security industry, recent advances in the technology have made the solutions more sophisticated yet easier to use. As more companies implement the appliances, a greater number of service providers are entering the market in an attempt to gain a piece of the pie. This inevitably forces vendors to drop their prices to remain competitive and therefore allows more businesses to utilize the tools, the report said.
Furthermore, the evolution of authentication technologies, such as smart cards, near-field communications and biometrics, is strengthening the access control system's ability to authorize an individual's identity and prevent fraud, the Freedonia Group noted.
A separate study by TechSci Research revealed that the global market for biometrics is forecast to experience significant growth in the coming years, eventually generating more than $10 billion in revenue by 2014. This expansion will be largely driven by the need to use advanced access control and identity management solutions capable of minimizing fraud.
The growing access control system industry is also being fueled by the recovering real estate market. As more families and businesses move into newly purchased buildings and replace existing locks, access control systems will become an increasingly popular solution to the growing demand for electromechanical door locks, according to the report.
As the threat landscape becomes more menacing, decision-makers will likely opt for the most advanced and efficient solutions on the market in an attempt to keep private assets safe from harm. As technologies continue to improve, advanced electronic appliances will make the most sense, leading more organizations to adopt access control systems.